ASO Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q3 '26 31.07.2026	Q2 '26 30.04.2026	Q1 '26 31.01.2026	Q4 '25 31.10.2025
Market & Enterprise Value
Market Cap	3.29B EUR	2.94B EUR	3.48B EUR	3.57B EUR	3.19B EUR
Enterprise Value	4.92B EUR	4.61B EUR	5.1B EUR	5.13B EUR	4.77B EUR
Valuation Multiples
Trailing P/E	8.97x	7.44x	9.08x	10.8x	16.21x
Forward P/E	7.56x	--	--	--	--
Price to Sales	0.53x	0.48x	0.57x	0.76x	1.07x
Price to Book	1.52x	1.35x	1.64x	1.65x	1.49x
EV/Revenue	0.8x	0.75x	0.83x	1.09x	1.6x
EV/EBITDA	7.04x	6.93x	7.82x	9.46x	14.09x
Price to FCF (P/FCF)	19.42x	8.9x	14.73x	31.1x	406.93x
EV/FCF	29x	13.95x	21.55x	44.69x	608.22x
FCF Yield	5.15%	11.24%	6.79%	3.22%	0.25%